Medium-Term Management Plan
MORESCO Group delivers sustainable one-of-a-kind products

FY2024-FY2026

February 2024
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⚫ Management Philosophy and Management Vision⚫ Summary of the 9th Medium-Term Management Plan

Table ofContents⚫ Overview of the 10th Medium-Term Management Plan

⚫ Basic policies and major initiatives of the 10th Medium-Term
Management Plan

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1

Management Philosophy and Management Vision
Management Philosophy of MORESCO Group

1

Under the motto of “R&D for users,” the MORESCO group will contribute to our society bysatisfying customer needs in the field of interface science.

2

As specialists in interface science, the MORESCO group will continue expanding into new
business fields and providing new interface functions and services.

3

The MORESCO group will create new value by fostering a working environment that
respects an individual and a freewheeling thinking.

Management Vision of MORESCO GroupMORESCO Group delivers sustainable one-of-a-kind products
Contributing to a Bright Future as a specialist in Interface Science
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2

Our strength➢ Since our founding in 1958, we have been making full use of blending, synthesizing, andrefining technologies to create one-of-a-kind products and products with top market shares.
Developing one-of-a-kind products
Major top-share products
Water-glycol fire-resistant hydraulic fluid

Die casting lubricant

High vacuum pump oil

High-temperature grease base oils forautomobiles◼ As specialists in interface science➢ Interface science is the field where things come into contact. In this field, our products perform functions
such as lubrication, adhesion, and surface protection. For MORESCO, it is a field with infinite
possibilities.
➢ As specialists in interface science, we will continue to take on the challenge of developing world-class,one-of-a-kind, and high-value-added products.
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* The figures for domestic market share are based on an in-house survey.

3

Summary of the 9th Medium-Term Management Plan•

Business performance•

Major achievements and ongoing issues

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4

Summary of the 9th Medium-Term Management Plan
- Business performance[Net sales]

Increased due to an increase in shipments resulting from recovery in automobile production, as
well as the weaker yen[Operating profit]

Remained at a certain level due to a time lag between soaring raw material prices and sales priceincreases, sluggish data center investment, etc.

Net sales

Operating profit

Million yen

Million yen

40,000

Plan

2,500

ResultPlan

Result2,260

30,33330,00025,88027,30031,80029,8002,000

27,700

1,670

1,434

1,500
1,200

20,000

1,120

1,000

523

10,000500

00FY2021

FY2022

FY2023
Forecast

FY2021

FY2022

FY2023
Forecast* Planned values are the figures announced on February 22, 2021.
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5

Summary of the 9th Medium-Term Management Plan
- Major achievements and ongoing issues
Medium-Term Corporate Policies

Major achievements

Ongoing issues

1) Contribute to realization of a sustainable
society(Promotion of sustainability management)⚫ Start of the certification system for MORESCO Green SX ⚫ Expansion of MORESCO Green SX products⚫ Acceleration of product development on the theme(hereinafter “MGS”) products*of environmental responsiveness⚫ Establishment of Corporate Sustainability Department
and committees

2) Increase added value of business anddevelop new business fields⚫ Progress in price correction in key areas⚫ Reinforcement of company-wide development system⚫ Industry-academia collaboration with externalorganizations⚫ Expansion of target products by continuing pricecorrection activities⚫ Commercialization of research results in new
business fields

3) Reduce manufacturing costs and improve
quality⚫ Renewal of aging equipment, system automation (quality
control), etc.

⚫ Deployment of domestic know-how overseas

4) Improve operational efficiency in theadministrative division⚫ Work style reform using DX (choice of diverse work
styles)⚫ Further improvement in operational efficiency byutilizing DX/AI technology, etc.

5) Enhance compliance⚫ Expansion of in-house training programs⚫ Establishment of a global compliance system

Overseas strategy◼ Promote business development in China,
North America, and emerging countries⚫ Introduction of executive officers in charge for our three ⚫ Improving profitability of China businessmajor overseas areas (Southeast/South Asia, China, and ⚫ Business expansion in North America and Mexico
North America)⚫ Restructuring of China business⚫ Reinforcement of the North American lubricant businessthrough acquisitions

Capital strategy◼ Promote ROIC management to enhancecapital efficiency⚫ Establishment of ROIC project team and enhancement of ⚫ Utilization of ROIC indicators, etc.
employee awareness* Products that may significantly contribute to the issues of materiality based on evaluation of the entire product cycle, from procurement of raw materials to disposal, are certified as MORESCO Green SX products.
(Reference) https://www.moresco.co.jp/en/sustainability/sdgs.php
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6

Overview of the 10th Medium-Term Management Plan•

Business environment•

Basic policies and major initiatives•

Business targets•

Priority measures by division•

Enhancement of global structure

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10th Medium-Term Management Plan - Business environment
Politics

Economy• Tighter export and investment regulations due to US-China
conflict• Possibility of domestic political division in the U.S.
• Prolonged war in Ukraine and further instability in the Middle
East• Declining confidence in and instability of domestic politics• Southeast/South Asia region maintaining high growth rates• Economic and financial policy shifts in major advanced
countries and their impact on exchange rate trends• Stagnant Chinese economy with real estate problems• Restructuring in the petroleum and chemical industries

External
environment

Society

Technology• Labor shortages and difficulty in securing human resources due
to declining birthrate and aging population• Growing importance of human capital management (diversity
and inclusion)• Strengthening human rights DD in line with increased supply
chain risks• Further development of a recycling-oriented society• Progress in addressing climate change (decarbonization)(energy saving, cleanliness)• Full-scale introduction of carbon pricing• Further development of AI technology and its implementation insociety• Acceleration of the trend of connected and standardized
automobiles (CASE)

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8

10th Medium-Term Management Plan - Basic policies and major initiatives
Theme of the 10th Medium-Term Management Plan

Achieving both “realization of a sustainable society” and “increasing added
value of business”
Basic policies

Major initiatives

Promotion of Sustainability Management• Promotion of carbon neutrality・Increasing MGS product sales ratio• Efforts to reduce environmental impact

Enhancement of Our Product Portfolio• Development and sales expansion of high-value-added products• Response to circular economy

Creation of Next-Generation Business• Focus on life science business• Development of technology to create non-petrochemical materials• Promoting businesses related to perovskite solar cells

Innovation of Business Processes

Improvement of the Return on Capital• Innovation of production processes• Promotion of DX• Addressing logistics issues• Measures to improve PBR・Shareholder returns• Promotion of human capital management• Strengthening IR activities

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10th Medium-Term Management Plan - Business targets
2023
Estimate

Million yen

2030
Target31,80038,00050,000

-

6%

7%

1,120

2,700

5,000

3%

7%

10%

1,800

3,000

-

ROE

Approx. 5%

8% level

10% level

Consolidated payout ratio

Approx. 37%

30% or more

30% or more

29%

40%

50%

-

46%

Net sales
Sales growth rate

Performance

2026
Plan

Operating profit
Operating profit margin
Ordinary profit

Capital efficiency

Non-financial
targets

Sales ratio of MGS products
CO₂ emissions reduction rate
* Compared to 2013(2022 result)34%(2022 result)

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1010th Medium-Term Management Plan - Priority measures by division
Million yen

Division

Special Lubricants

Hot Melt Adhesive

Liquid Paraffin &Sulfonates

Synthetic Lubricants

FY2022
Sales
results

FY2023
Estimatedsales

16,550• Capturing demand from the new energy vehicle market, which is expected to grow in the diecasting fluids field• Realization of synergy effects such as in-house procurement of main materials (silicone) in
North America and supply to other sites• Expanding efforts for circular economy from the raw material perspective, further utilizing
biomass materials and recycled resources

19,9008,300• Increasing profitability by revitalizing sales activities at overseas bases and expanding sales ofhigh-value-added products• Promotion of price correction and optimization of production efficiency through productconsolidation• Promote participation in recycling business and expansion into medical applications

9,600

4,000

• Development of liquid paraffin applications in cosmetics and medical fields• Expanding sales of sulfonates and reviewing production methods for environmental
friendliness• Accelerate overseas expansion of sulfonates

4,300

1,300

• Development and sales of fluorine alternative lubricants for semiconductor manufacturing(front-end process) and inspection equipment, etc.
• Development of hard disk drive lubricant for next-generation data centers• Accelerating overseas expansion of ADE-related products

1,700

2,068

1,650

• Development of sealants for perovskite solar cells and electronic paper• Promoting development of high-performance materials for OPV (organic photovoltaics)• Expansion of products related to wastewater treatment and cleaning (equipment and peripheralproducts) that contribute to environmental protection• Pursuit of environmental impact reduction in automotive chemical products and heat transfer
media

2,500

30,33331,80015,105

7,664

3,793

1,703

Other

(including
subsidiaries)

Total net sales

Priority measures (FY2024 to FY2026)

FY2026Sales
targets

38,000
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11

10th Medium-Term Management Plan - Enhancement of global structure
Business environment by region
Japan• Recovery trend in automobile
production, growing need forenvironmentally friendly products• Expansion in the use of renewableenergy and non-petrochemicals
materials

China

Southeast/South Asia

North America• Expansion of domestic EV market andincrease in overseas exports expected• Sluggish domestic consumption,
increased adoption of domestically
produced products in various
industries• Economic development due topopulation bonus• Growing influence of Chinese importson the automotive market anddisposable diaper market• Responding to Made in America underthe Inflation Control Act• Expansion of automotive-related
investment in Mexico

Enhancement of global structure
China

North America• Further strengthening R&D functions acquired
through business acquisitions and promoting sales
to local customers in the U.S.
• Considering establishing a subsidiary andexpanding business in Mexico• Early stabilization of new plant operations• Strengthening development systems (establishing
new R&D center) and promptly responding to local
customers

Southeast/South Asia
• Strengthening R&D functions in Thailand• Accelerating the launch of new products that meet
local needs

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12Basic policies and major initiatives of the 10th
Medium-Term Management Plan•

Promotion of Sustainability Management•

Enhancement of Our Product Portfolio•

Creation of Next-Generation Business•

Innovation of Business Processes•

Improvement of the Return on Capital
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13

Promotion of Sustainability Management - Efforts toward carbon neutrality➢ Reduce GHG emissions from in-house energy consumption by 46% by 2030
(compared to 2013)➢ Achieve carbon neutrality by 2050, including Scopes 1, 2, and 3

Endorsement declared on November 11, 2022

Trends in MORESCO Group (Japan) Scopes 1, 2 GHG emissions*
Unit: t- CO₂

11,035

7,302

5,959
(－46%)

2013

2017

2018

2019

Scope 1 Direct emissions

2020

2021

2022

2030

Scope 2 Indirect emissions* Regarding the Scope 1 and 2 GHG emissions of the MORESCO Group (Japan), the figures in this document and the ESG data on the website have been corrected. https://www.moresco.co.jp/en/sustainability/esg.php
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14

Promotion of Sustainability Management- MORESCO Green SX certified products➢ Certifying products that may significantly contribute to our issues of materiality based on evaluation of
the entire product cycle, from procurement of raw materials to disposal
MORESCO Green SX the Process of Certification

Evaluation and review

Certification

Chairperson

Members

Secretariat

CTO (Chief Technology Officer)

Directors, Executive Officers, headsof each division, head of the R&D
Department, head of the Corporate
Sustainability Department

Corporate Sustainability Department

Opinions fromexternal experts

Each division

MORESCO Green SXInternal Review Board

Sustainability Committee

Proposal andapplication

MORESCO Green SX Contribution Categories

CO₂ emission
control

Health and safety

Improvement ofworkingenvironments

Energy saving

Environmental
conservation

Contribution toindustrial development

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15

Promotion of Sustainability Management- MORESCO Green SX products sales ratio➢ Promoting efforts to improve existing products and develop new products to achieve 2030 targets

Sales ratio targets

Representative products
Water-soluble minimum quantity
spray-type lubricant
GRAPHACE MQ series

Energy conservation

50%

Environmental protection
40%

Improving work environment
29%

Water-glycol fire-resistant hydraulic
fluid
HYDOL

CO₂ emission reduction

New oil

Extracting
reusablecomponents

Used oil

Environmental protection
FY2022 result

FY2026 target

FY2030 target

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16

Enhancement of Our Product Portfolio - Expanding sales of high-value-added products➢ Advance enhancement of the product portfolio by expanding sales of high-value-added MORESCO
Green SX products, centered on special lubricants and hot melt adhesives

29%

Functional
FluidsSpecial Lubricants40%

Hot Melt Adhesive
Liquid Paraffin & Sulfonates
Synthetic Lubricants
Other

11%
5%

MGS product total

6%

Non-MGS product total

3%
4%

FY2022 (net sales result)
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FY2026 (net sales plan)
17

Enhancement of Our Product Portfolio - Response to circular economy
Circular model
Recycling

Development
andmanufacturing

Development
andmanufacturing

Product development• Increased use of sustainable raw
materials

Input of renewable
resources• Easily recyclable compounddesign• Self-circular raw
materials• Use of other recycledmaterials• Biomass raw materials

Horizontal recycling
Recycling

Use

Material recycling
Collection

Recycling technologies
Circular model• Material extraction• Recycling of productfunctions• Model with product life in mind
(Material use / horizontal use)
Collection

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• System transparency

18

Creation of Next-Generation Business - Corporate R&D system➢ Establish a development system across Divisions, based on collaborations within the company and with industry,
government, and academia. Flexibly review priority projects.
➢ Promote MOLGADC*, a company-wide project, and achieve results.

Priority projects

Division A

Division B

Division C

Overseassubsidiaries
Cooperating
universities

Co-creation/
cooperating companies• Development of nanoemulsion in the life science field• Drug discovery and development of autophagy
activators, etc.

R&D
meetings• Solving basic
issues• Solvingcommonissues• Hub function
for exchange/flow• In-house production of polymers from non-petroleumderived raw materials• Development of materials for non-silicon photovoltaic
devices• Deployment of development methods applying
machine learning• Circular products and next-generation product group・・・・・・・・・・* Named after the initials of priority projects (initially five projects). Now expanded to eightCopyright © MORESCO Corporation All Rights Reserved.

Creation of new technologies,
new basic technologies, and new
businesses

Project MOLGADC overview

19Creation of Next-Generation Business - Life science business
Commercialization of nanoemulsion➢ Establish a mass production system in response to
adoption by major cosmetics manufacturers➢ Develop nanoemulsion containing CBD(cannabidiol)➢ Develop in-house cosmetics containing
nanoemulsion

Nanoemulsion MORESCO-NANOREACH

12nm

*

Image of expansion of life sciencebusiness
Development projects (including in-house sales)
Existing projects

Sales growth of 10 times

Horny layer

Intercellular space
Granular
layer

Approx. 40 nm* nm: nanometer 10−9 meters (m) = one billionth of a meter

FY2024

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FY2025

FY202620

Creation of Next-Generation Business- Development of technology to create non-petrochemical materials➢ Promote the establishment of technology to synthesize non-petrochemical hydrocarbons from methane, which has a high global
Utilizing our synthesis and refining technologies
warming potential, as a raw material➢ Produce 10 tons of bio formic acid per year by 2026, and aim for domestic production and in-house procurement of nonpetrochemical materials in the future

Biogas plant

Methanefermentation

BiogasMethanefermentation

Biopolymer(tentative name)

Bio formic acid

Chemical reaction(light + air + catalyst)

Aiming for useof ourproducts as
raw materials

Biogas plant

Cow excrement, food waste, etc.

MORESCO participates in the Okoppe Town (Hokkaido) Carbon Neutral Innovation
Consortium (OCNIC) and aims to promote resource circulation and biogas plants by
utilizing its synthesis and refining technologies while contributing to improving the
productivity of bio formic acid.

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Silage (grass)21

Creation of Next-Generation Business - Sealant for perovskite solar cells➢ Participating in a consortium launched by Prof. Miyasaka, Toin University of Yokohama Contributing to
the commercialization of perovskite solar cells within 2026 by providing high-performance sealants
Prototype of next-generation solar cell “perovskite”

Participating in the consortium

Consortium
Peccel Technologies, Inc.
(Representative: Prof. Miyasaka)
MORESCO Corporation
MACNICA, Inc.
(Source: Toin University of Yokohama)

REIKO Co., Ltd.

Features of our sealantMitsubishi Chemical Corporation

1. No damage to perovskite elements even when directly bonded
2. Demonstrates excellent adhesion simply by pasting onto the base material(No heating or UV treatment required)

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22

Innovation of Business Processes - Improving sulfonate production efficiency➢ Introduce new chemical processing methods to maximize sulfonate yields➢ Develop new manufacturing processes that lead to shortened production processes, reduced
industrial wastewater and waste, etc.

Developing new manufacturing processes
Now

Mineraloil

Sodium
Sulfonate

After development

Sulfonate(calcium sulfonateorbarium sulfonate)

Mineraloil

Chemical
reaction, etc.

Sulfonate(sodium sulfonateor
calcium sulfonateorbarium sulfonate)■ Expected effects
Improved productivity, reduced industrial
wastewater and industrial waste, etc.
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23

Innovation of Business Processes - In-house production of silicone
Conventional business model
MORESCO USA Inc.

Planning anddevelopment

Purchase of
raw materials

Sales

Manufacturing

Issues• Risk of high costs and unstable supply due to outsourced production• High dependence on Japanese parts manufacturers in the U.S.

Business model after business acquisition and vertical integration in the U.S.
Cross Technologies Group, Inc.

Planning anddevelopment(strengthened)

Production of raw
materials(in-houseproduction)

Manufacturing(in-houseproduction)

Sales(strengthened)

Effects of business acquisition• Costs reduced and new product development further promoted throughin-house production of raw materials• Stable supply achieved by securing production sites• Acquisition of sales channels for American parts manufacturers andexpansion of sales
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Innovation of Business Processes - Driving R&D with informatics➢ Innovate MORESCO’s material development process across business divisions centered on the R&D
division➢ Develop and improve products quickly and efficiently by incorporating a data-driven approach

Realizing “MORESCO Informatics,” a form of R&D DX
that only MORESCO can doSpecial
Lubricants
Synthetic
Lubricants

Hot Melt
Adhesives

Phase 3: Value creation phase

R&D
LiquidParaffin &Sulfonates(From March 2024)

Lifescience
DeviceMaterials

Phase 2: Trial-and-error phase(Until February 2024)

Phase 1 : Environment
construction phase
Digitize and manage experimental
and analytical data generated during
the product development process byintroducing electronic lab notebooks

Build a materials informatics
approach optimized for eachbusiness area based on digitally
managed experimental and analyticaldata

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Develop new products and improveexisting products using a materials
informatics approach optimized foreach business area

25

Improvement of the Return on Capital - Analysis of current situation[Current situation] PBR continues to be below 1x. ROE remains low.
[Issue] Concurrent promotion of growth strategy and capital/financial strategy
PBR

ROE

Unit: times

12%

1.5

ROE
ROE (excluding extraordinary income)

10.7%

9.3%
8%

1.0

0.67

0.67

0.58

0.57

5.8%

0.67

5.8%

(*)

4.9%
4%

0.5

3.4%

3.3%

0.0

(*2)

(*1)

0%
2019

2020

2021

2022

2023

2018

2019

2020

2021

2022

2023
Forecast* The figure for FY2023 is calculated based on our stock price as of the end ofJanuary 2024.

*1 ROE excluding gain on sale of real estate for lease (833 million yen)
*2 Calculated based on equity capital as of the end of 3Q of FY2023

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26

Improvement of the Return on Capital- Growth strategy and capital/financial strategy to improve PBR

Capital and financial
strategies

Growth strategy➢ Advance both growth strategy and capital/financial strategy to achieve “improvement of the return on capital”

Promotion of Sustainability Management/Enhancement of Our Product Portfolio/Creation of
Next-Generation
Business Business
Creationof Next-Generation

Restructuring⚫

Continue development of MGS products and set sales prices that meet customer needs while ensuring appropriate
margins⚫

Promote enhancement of a product portfolio that leads to reorganization of business portfolio⚫

Launch nanoemulsion products and out-license autophagy activating drugs in the life science business⚫

Expand business in overseas growth markets centered around Southeast/South Asia, North America, and China

Promotion of profitability improvement measures/Shareholder
returns/Human
capitalImprovement of the
Return on Capitalmanagement/Strengthening IR activities⚫

Identify low-growth products in each business division and promote measures that will lead to improved profitability(utilization of ROIC indicators, etc.)⚫

Positioning shareholder returns as a key management issue, implement a dividend policy aimed at a consolidated
dividend payout ratio of 30% or more⚫

Promote human capital management linked to management strategy⚫

Enhance IR information and hold active dialogue with investors

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27

Improvement of the Return on Capital - Shareholder returns➢ Positioning shareholder returns as a key management issue, return profits while striving to maintain appropriate
internal reserves➢ Pay dividends, aiming for a consolidated payout ratio of 30% or more over the medium to long term

Trends in dividend per share and consolidated payout ratio
Unit: yen

Dividend per share

Consolidated payout ratio

50

45

40

50

50

45

45

40

40

40

100%

40

74.0%

30

61.8%

60.4%

25

50%
36.8%

33.6%
22.6%

23.6%

25.3%

27.2%

2013

2014

2015

2016

26.8%
20.8%

0

0%
2017

2018

2019

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2020

2021

2022

2023
(Forecast)28

Improvement of the Return on Capital - Promotion of human capital management

Human resources strategy
Goal: Strengthen human capital to achieve both “realization of a sustainable society”
and “improvement of corporate value in the medium to long term”
Strategic target 1

Creation of an environment where all humanresources can play an active role
⚫ Foster a corporate culture that emphasizes diversity, inclusion, and fairness⚫ Develop grading/evaluation/compensation systems and recruitment/training systems
with no discrimination based on attributes⚫ Create an environment where members can work autonomously with high motivation

Strategic target 2

Enhancement of human resources needed to
execute management strategy⚫ Familiarize all Group employees with corporate philosophy and management strategy⚫ Develop and secure the human resources needed to expand business, strengthen thefoundation, and create the future⚫ Allocate human resource based on talent portfolio analysis

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29

Improvement of the Return on Capital - Strengthening IR activities➢ Enhance tools for disseminating IR information and actively engage in dialogue with investors

Details of strengthening IR activities

Disclosure➢ Establishment of IR Department➢ Actively holding IR meetings with institutional investors➢ Continuing to hold briefings for individual investors

2022 - 2023

Enhancement of disclosure

From 2024➢ Work to enhance disclosure information, such as
issuing integrated reports➢ Improve recognition among overseas investors
through disseminating timely disclosure materials,
financial results briefing materials, etc. in English➢ Established a special sustainability page,
disclosed information based on TCFD
recommendations and ESG data
➢ Disclosed in English the company website,
financial results briefing materials, financial
results summary, and analyst reports➢ First publication of integrated report➢ Further enhancement of sustainability
content➢ Disclosure in English of timely disclosure
matters (partial), securities reports, business
reports, and integrated reports

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30

Head Office and Research Center

Kobe City

Kobe Airport➢ Performance outlook and other information related to future forecasts and strategies contained in this material is based on the Company’s
decisions at the time of preparation of this material and is subject to change in the future without prior notice.
➢ The Company will not be held responsible for any damage caused by making investment decisions based solely on the performance outlook
and target figures provided in this material.
➢ Please note, copying or distributing this material without permission is prohibited.

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31